Looking for gold in stable, well known mining jurisdictions
Has kicked off work on ground in two continents having raised C$5.5 million
Currently controls the third largest gold property portfolio in Pilbara, WA
Pacton Gold Inc (CVE:PAC) (OTCMKTS:PACXF) is on the hunt for high-grade gold in two prolific mining areas - Pilbara in Western Australia and Red Lake in Ontario.
Its Ontario claims lie in the famous Red Lake Camp, which made mining titan Goldcorp, prior to its recent acquisition by Newmont, now Newmont Goldcorp Corp (TSE:NGT) the firm it is today. More than 29 million ounces of gold have been churned out in the last 90 years from the area.
Pacton's ground is neatly situated between Pure Gold Mining's Madsen project, set for production next year, to the north, and Great Bear Mining's Dixie property (and the Hinge discover where results have included 759.4 g/t gold over 0.5 metres.) to the south.
The firm also has the Tully West property in Timmins, Ontario, which lies immediately west of the Tully/Timmins North Gold deposit, where drilling in 2013 by SGX Resources Inc hit high grade gold in one hole, hitting 36.7 g/t (grams per tonne) over 6.3m (meters) 200 metres below surface. The firm also has the Carpenter Lake uranium project. In Australia, Pacton has ground in the Pilbara - famous for natural resources, especially iron ore, but now gold is gaining momentum.
The company is the third largest landholder in the Pilbara craton with 20 exploration licenses and five mining leases. Its Egina project is contiguous with Novo Resources Corp’s extensive Egina tenements which contain gold-bearing gravels.
At Boodalyerrie, Pacton’s most easterly Pilbara tenement, there is a prominent swarm of up to 10 m (meter) thick gold-bearing veins and stockworks. At the Yandicoogina project, there are historical workings with over 4.7 km of prospective strike with chip samples up to 199.7 g/t (grams per ton) of gold.
The firm says its multiple mining leases across a number of projects mean it enjoys a fast-track route to trial mining of surface material.
How it is doing
Pacton has just announced it has started exploring in Canada and Pilbara after closing an oversubscribed placing, which raised over C$5.5 million, and appears to have wasted no time, revealing that initial sampling had discovered gold at surface at the Egina gold project in Pilbara.
At the Friendly Creek lease of the project, gold specimens associated with quartz were liberated from veins within underlying bedrock, near the source, it said. Notably, the trend of gold mineralization at Friendly Creek goes along a parallel trend, defined by historic workings, which extend for greater than 4 km.
At Boodalyerrie and Yandicoogina gold projects, airborne geophysical data is being processed and crews will shortly be arriving for mapping and sampling, the firm added.
Back to Canada, and at the Red Lake gold project in Ontario, a 10,000 meter drill program is being prepared for late summer, while surface crews are on the ground, conducting a surface mapping and sampling program. The results will be used to define drill targets. In April this year, results of an airborne survey over Red Lake indicated multiple areas of interest, showing small-to-large scale folding and faulting, indictaing the potential to host high-grade gold mineralization.
Last month, Pacton announced a partnership with GoldSpot Discoveries Inc, which uses artificial intelligence (AI) technology to advance exploration at Red Lake. It has been hired for 18 months to evaluate and identify possible areas of mineralization and drill targets.
A team of 25 geologists and data scientists will be deployed to stitch, level, and reinterpret geological data in the public domain and marry it with Pacton’s own data and use artificial intelligence to identify patterns and areas with a high chance mineralization.
What the chairman said:
Executive chairman Dale Ginn said in April when asked if there was excitement building around the firm's assets in Canada and Australia.
"Yeah, I think so. You can see volume building in the stock. People want to know are you Red Lake or are you Australia? But for now we're high grade structural gold explorers and it just happens that we have some of the best ground in the best regions for that, and it happens to be Western Australia and Red Lake, Ontario and these are the most stable jurisdictions you'd want to be in in the world."